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The dollar index had hit a five-month low in December when investors priced for the likelihood that the Fed will cut rates sooner rather than later as...
The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 102.17.
The Alert List contains the names of entities, which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA)
In the previous reporting week, the overall reserves had increased by $4.672 billion to $590.783 billion.
Imports increased by 12.3 per cent to $65.03 billion in the month under consideration due to a jump in gold imports.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent lower at 105.77.
The increase comes as a welcome relief as RBI uses the country's forex reserves to stabilise the rupee when it turns volatile.